Caulfield auction: dated house sparks epic hour-long auction
A dated Caulfield home has sold in an epic auction that stretched an hour and 10 minutes, leaving the auctioneer feeling faint afterwards.
The remarkable sale came as experts declared Melbourne had been restored as a “seller’s market” — at least for the meantime — with buyers forced to compete for a limited number of homes under the hammer.
EYS auctioneer Fabian Sanelli said he was “heavily dehydrated” and “drained” after the marathon call, in which he took 88 bids from five parties to achieve a $2.208 million sale price for 12 Cranham St.
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“After the auction, I actually fainted in the car,” Mr Sanelli said.
“It was the longest auction I’ve ever called.”
The Sunday auction was slow going at first, with just three bids up to $1.83 million placed in the first half-hour.
But Mr Sanelli said the four-bedroom house’s selling agent Dion Besser, managing director of Besser & Co, implored him to carry on.
“It was literally pulling teeth. But the agent said, ‘it’s a different market out here, let’s give the buyers plenty of time’,” Mr Sanelli said.
“He wanted me to … say to the bidders, ‘we’re going to stand here all afternoon until we get this sold under the hammer’.
“I felt like a bit of a buffoon, (but) all of a sudden … it just went ballistic.”
The house with a pool on a 744sq m block was announced on the market about $1.97 million, sparking a flurry of small bids, some worth just $500 and $1000. A family won the keys.
The property had previously sold in 2005 for $1.2 million, according to CoreLogic.
Melbourne notched a strong 73.6 per cent preliminary clearance rate from 284 reported results last week. A total of 352 auctions were held.
The rate was up from the week before’s 67.2 per cent from 288 auctions, and from 56.2 per cent from 559 auctions recorded on the corresponding week a year ago.
Wakelin Property Advisory director Jarrod McCabe said quality homes were “flying off the shelf, … given the shortage of supply”.
“It feels strange to say after an 18-month period when vendors have struggled, but for the moment, it is a seller’s market,” he said.
“The balance of power may shift should a good volume of new stock arrive in spring, but for now, winter vendors are smiling.”
Mr McCabe watched five bidders push a “charming” two-bedroom villa unit at 5/6 Jersey St, Balwyn more than $100,000 past reserve to $862,000.
In East Melbourne, a rundown one-bedroom apartment smashed its reserve by $282,000, or 43 per cent, to sell for a whopping $942,000, Advantage Property Consulting director Frank Valentic said.
He said six bidders — a mix of investors and young couples — generated the “massive result” at 10/9-15 Palmer St.
“It shows how tightly held East Melbourne is — there aren’t a lot of apartments that come up (for sale) there,” Mr Valentic said.
He also reported another strong sale in Port Melbourne, where a three-bedroom house at 104 Nott St fetched $1.435 million against a $1.35 million reserve.
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